https://www.taxtmi.com/caselaws?id=64765 The Tribunal allowed the appeal, canceling the penalty imposed under section 273(2)(a) of the IT Act, 1961 on a private limited company for a shortfall in advance tax payment. The Tribunal found that the Assessing Officer failed to record satisfaction for initiating penalty proceedings in the assessment order, which was essential for penalty imposition. Additionally, the show-cause notice did not specify the default charged to the assessee, leading to the cancellation of the penalty due to lack of jurisdiction and insufficient grounds for penalty imposition. en-us Tue, 05 Apr 1994 00:00:00 +0530 Wed, 09 Feb 2011 16:57:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64765 The Tribunal allowed the appeal, canceling the penalty imposed under section 273(2)(a) of the IT Act, 1961 on a private limited company for a shortfall in advance tax payment. The Tribunal found that the Assessing Officer failed to record satisfaction for initiating penalty proceedings in the assessment order, which was essential for penalty imposition. Additionally, the show-cause notice did not specify the default charged to the assessee, leading to the cancellation of the penalty due to lack of jurisdiction and insufficient grounds for penalty imposition. Case-Laws Income Tax Tue, 05 Apr 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64765